Hey guys! Give me your thoughts on $Alibaba(09988)$. It seems like it’s respecting the support on the ichimoku cloud and the graphical overlap support. Plus it’s at the support of the stocastics indicator so….im looking to get in for a buy. It’s at the 50% Fibonacci retracement level at 155.8. I’ll probably take profit at 172.1 where the 61.8% Fibonacci retracement area is and placed my stop loss at 141.2. I might just move my SL somewhere tighter if it really manages to break the ichimoku cloud to have a better risk and reward but for breathing space, tentatively it’s at 141.2.
Entry: 155.8 [Smile]
Take Profit: 172.1[Miser]
Stop Loss: 141.2[Spurting]
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